Nairobi-based BURN, a leading manufacturer of clean cooking appliances, has partnered with the European Investment Bank (EIB) to invest Ksh 1.9 billion (US$15 million) in the distribution of its ECOA Electric Induction cooker across East Africa. This agreement was announced during a signature ceremony at the World Bank/IMF Annual Meetings in Washington.
The funding from EIB Global will support a crucial initiative aimed at reducing indoor air pollution, which contributes to four million premature deaths annually, particularly impacting women in developing countries.
EIB Group President Nadia Calviño emphasized the importance of this investment, stating, “This is not just about improving lives; it’s about saving them. With accessible clean cooking technology, we can protect the health of women and their families while positively impacting the climate by lowering carbon emissions.”
Peter Scott, Founder and CEO of BURN, highlighted the company’s success in introducing its PAYC electric cooking solution to thousands of households in Kenya and Tanzania. “This investment will enable us to transition over a million low-income households to electric cooking, utilizing grids powered 80-95% by renewable energy,” he stated.
The EIB financing will allow BURN to offer its appliances through an innovative Pay-As-You-Cook payment model, making clean cooking technology more accessible to households currently reliant on traditional biomass fuels. This approach is particularly beneficial for low-income families who struggle with the upfront costs of electric cooking appliances.
Additionally, this project has been recognized as a gender lens investment by the 2X Challenge, an initiative aimed at increasing private sector investments that empower women in low- and middle-income countries.
The financing is part of the Desiree Investment Envelope under the African, Caribbean and Pacific (ACP) Impact Finance Envelope, which supports high-risk projects aimed at energy efficiency and electrification in ACP countries, with a focus on poverty reduction.
BURN’s ECOA Induction cooker comes with a high-quality, three-piece stainless steel cookware set, all manufactured in Kenya. The cookers eliminate indoor air pollution, cut cooking time by 70%, and save households money on fuel costs.
Moreover, BURN’s electric cooking appliances generate carbon credits through integrated IoT technology, allowing for real-time monitoring of energy usage. Each appliance reduces approximately 2.5 tonnes of carbon emissions annually, aligning with EIB’s objectives for climate action, gender equality, and economic development.
With over five million clean cookstoves distributed across Africa, BURN has transformed the lives of 25 million people and helped prevent 26 million tons of CO2 emissions, showcasing Africa’s potential for sustainable manufacturing and job creation.
